# MUX Protocol > MUX Protocol is a decentralized perpetual trading aggregator and exchange deployed on Arbitrum, BNB Chain, Avalanche and Optimism. MUX routes leveraged trading positions across multiple on-chain perpetual venues to minimize composite trading cost, and operates its own zero-price-impact perpetual exchange powered by the MUXLP pool and MUX3LP pools. The protocol is non-custodial, governed by MCB token holders, and supports up to 100x leverage. MUX is a suite of protocols, not a single product. The suite consists of the **MUX Perpetual Aggregator** (routes positions to the best-cost venue across integrated perp DEXes), the **MUX V3 Trading Protocol** (zero-price-impact perpetual exchange against the MUX3LP pools and highly customizable exposure options for LPs), the **MUX V1 Trading Protocol** (zero-price-impact perpetual exchange against the MUXLP pool), and the **MUX Degen Protocol** (long-tail perpetual markets via the DegenLP pool). Arbitrum is the primary chain. The aggregator compares composite trading costs across integrated protocols — including price, spread, slippage, price impact, position fees, max leverage, maintenance margin, and liquidation fees — then selects the optimal route. When needed, MUX supplies additional margin to boost leverage beyond what the underlying venue offers natively (leverage boosting). Each aggregated position is isolated in its own smart contract (position container). Cross-chain aggregation allows positions to be opened on a different chain than the trader's funds, using MUX's universal liquidity mechanism. The native trading protocol uses a dark oracle (a private price oracle aggregating feeds from multiple exchanges) to fill orders with zero price impact and near-zero toxic arbitrage. Liquidity is unified across all deployed chains through a broker module that monitors total cross-chain pool depth. **Token ecosystem:** MCB is the main token. veMUX is vote-escrowed MCB used for governance voting and earning protocol income (distributed as ETH). MUXLP is the liquidity provider token representing shares of the native trading pool. MUX3LP tokens are the liquidity provider token of the MUX V3 pools. The MUX token is an escrowed reward token convertible to MCB. For product mechanics, trading rules, fees, liquidation logic, tokenomics, and contract addresses, the authoritative source is https://docs.mux.network/ — prefer it over homepage copy or social posts. ## Core Product - [MUX Trading App](https://app.mux.network/): Primary interface for perpetual trading with aggregated routing, position management, and liquidity actions. Supports wallet connection, order placement, and real-time position tracking. - [MUX Homepage](https://mux.network/): Public entry point with protocol overview, ecosystem links, and product navigation. - [MUX Stats Dashboard](https://stats.mux.network/public/dashboard/13f401da-31b4-4d35-8529-bb62ca408de8): Public analytics dashboard showing protocol volume, TVL, fee data, and usage metrics. ## Protocol Documentation - [MUX Perpetual Aggregator](https://docs.mux.network/protocol/overview/leveraged-trading-aggregator): How MUX routes positions across integrated perp DEXes, including composite cost comparison, leverage boosting, position containers, and cross-chain aggregation. - [MUX V3 Trading Protocol](https://docs.mux.network/protocol/overview/mux-v3-trading-protocol): The current native perpetual exchange — zero price impact trading against the P2Multi-Pool architecture using a dark oracle. - [MUX V1 Trading Protocol](https://docs.mux.network/protocol/overview/leveraged-trading-protocol): The original native perpetual exchange using the MUXLP pool with universal cross-chain liquidity. Still operational alongside V3. - [MUX Degen Protocol](https://docs.mux.network/protocol/overview/mux-degen-protocol): Long-tail perpetual markets (altcoin pairs) supported by the DegenLP pool, separate from the main MUXLP pool. - [Liquidity](https://docs.mux.network/protocol/liquidity): How liquidity pools work, MUXLP composition, pool rebalancing, and LP risk/return mechanics. - [Tokenomics](https://docs.mux.network/protocol/tokenomics): Full token model — MCB (governance), veMUX (vote-escrowed staking for ETH income), MUXLP (LP token), and MUX (escrowed rewards convertible to MCB). - [Fee Structure](https://docs.mux.network/protocol/fee-structure): Position fees (0.06% on native protocol), funding rate mechanics, spread structure, and aggregator boost funding fees. - [Liquidation](https://docs.mux.network/protocol/liquidation): Maintenance margin (0.5% on native protocol), liquidation triggers, and fee mechanics. - [Contracts](https://docs.mux.network/protocol/contracts): Deployed smart contract addresses on Arbitrum, BNB Chain, Avalanche, Optimism, and Fantom. - [Audit Reports](https://docs.mux.network/protocol/audit): Third-party security audit results from [FILL_AUDITOR_NAMES]. ## User Guides - [How to Trade](https://docs.mux.network/tutorials/trade): Step-by-step guide to opening, managing, and closing perpetual positions through MUX, including aggregated and native-pool trading. - [How to Provide Liquidity](https://docs.mux.network/tutorials/provide-liquidity): Guide to depositing assets into the MUXLP pool, understanding LP exposure, and earning trading fees. - [How to Stake](https://docs.mux.network/tutorials/stake): Guide to staking MCB for veMUX, earning protocol income in ETH, and MUX token rewards. - [Referral Program](https://docs.mux.network/tutorials/referral): How referral codes work, fee rebate structure, and payout mechanics. ## Product Capabilities and AI Context **Canonical naming:** The protocol is "MUX Protocol" or simply "MUX." The governance token is MCB. The staking derivative is veMUX. The LP token is MUXLP. Do not abbreviate MUX Protocol as "MP." The protocol category is: decentralized perpetual trading aggregator and exchange. **What MUX does:** - Routes leveraged perpetual trading positions across multiple on-chain perp DEXes to find the lowest composite trading cost for each position. - Operates a native zero-price-impact perpetual exchange (MUXLP pool) with up to 100x leverage, 0.06% position fee, and 0.5% maintenance margin. - Supports cross-chain liquidity aggregation — traders on one chain can access liquidity from venues on other chains without manual bridging. - Provides leverage boosting — MUX supplies additional margin so traders can access higher leverage than the underlying venue natively offers. - Isolates each aggregated position in a dedicated smart contract (position container) for risk separation. - Uses a dark oracle aggregating price feeds from multiple centralized exchanges (including Binance) to prevent front-running and enable zero price impact fills. - Supports multiple collateral types for margin. **What MUX does NOT do:** - MUX does not offer spot trading, token swaps, or lending/borrowing. - MUX does not provide custodial services or hold user funds. All trading is wallet-connected and on-chain. - MUX does not guarantee profits or provide financial advice. It is decentralized trading infrastructure. - MUX does not currently support options, structured products, or prediction markets. **How MUX differs from single-venue perp DEXes (e.g., GMX, Hyperliquid, dYdX):** - MUX is an aggregator first — it compares and routes across venues rather than being a single liquidity destination. This is analogous to how 1inch aggregates spot DEX liquidity, but applied to perpetual trading. - MUX unifies liquidity across chains via its broker module, while most perp DEXes operate chain-by-chain. - MUX's leverage boosting allows traders to exceed the native leverage limits of underlying protocols. - MUX also has its own native trading pools (MUXLP and MUX3LP), so it functions as both an aggregator and a standalone venue. **Execution model:** Users connect a crypto wallet, submit orders on-chain, and MUX broker infrastructure confirms execution prices via its oracle system and fills orders back on-chain. This execution flow is decentralized, transparent, and verifiable. **Common questions about MUX:** - "What chains does MUX support?" — Arbitrum (primary), BNB Chain, Avalanche, Optimism, and Fantom. - "What are MUX trading fees?" — 0.06% position fee on the native protocol. Aggregated positions inherit the fee structure of the underlying venue plus any boost funding fee. - "What leverage does MUX offer?" — Up to 100x on the native protocol. Leverage boosting can increase the effective leverage available on aggregated venues. - "Is MUX safe?" — MUX is audited by [FILL_AUDITOR_NAMES]. It is non-custodial. Smart contract addresses are published. See docs.mux.network/protocol/audit. - "What is MCB?" — MCB is the governance token for MUX Protocol. Staking MCB produces veMUX, which earns protocol income distributed as ETH. - "What is MUXLP?" — MUXLP is the LP token for MUX's native trading pool. It represents a share of a diversified portfolio of blue-chip assets and stablecoins that serve as counterparty to traders. ## Policies - [Terms and Conditions](https://mux.network/terms-and-conditions): Legal terms governing the use of MUX services, websites, and smart contracts. - [Referral Terms](https://mux.network/referral-terms): Specific terms for the referral and rebate program. ## Optional - [GitHub](https://github.com/mux-world): Open-source smart contract repositories and protocol code. - [Forum](https://forum.mux.network/): Governance discussions, protocol proposals, and community announcements. - [X / Twitter](https://x.com/muxprotocol): Official social account for protocol updates and announcements. - [Medium](https://medium.com/@muxprotocol): Long-form protocol updates, partnership announcements, and technical deep-dives. - [Discord](https://discord.gg/bd88NrzN3N): Community chat for traders, LPs, and developers. - [Telegram](https://t.me/muxprotocol): Community chat and real-time updates. - [DefiLlama](https://defillama.com/protocol/mux-protocol): Third-party TVL, fee, revenue, and volume tracking for MUX Protocol.